Grubhub (NYSE: GRUB) stock has been on a steep decline dropping about 60% since last September, and over 30% in 2019.

The Company has been struggling due to the emergence of many other food delivery services such as Uber (NYSE: UBER), DoorDash, Postmates, and Amazon (NASDAQ: AMZN). With these food delivery services competing with Grubhub, the company’s market share has declined. According to Edison Trends, in February 2019, the Company had a market share of 26.7%, a sharp decrease from almost 40% in March 2018. DoorDash has a market share of 27.6%, the leading market share holder, and Uber Eats has a market share of 25.2%.

Uber and DoorDash’s market share have increased significantly while Grubhub’s share decreased due to Uber and DoorDash pouring money into the market. Uber spent hundreds of millions of dollars to grow Uber Eats while SoftBank (OTCMKTS: SFTBF) funded DoorDash leading to their massive expansion within the last year.

SoftBank plays a major role in the Grubhub’s deposition as the conglomerate holding company has funded both Uber and DoorDash, Grubhub’s competitor. In addition to these competitive disadvantages, the food delivery business doesn’t create much competitive advantages that will distinguish Grubhub from its competitors. All of these companies offer the same thing; ordering food from a restaurant to be delivered to your footstep. Similar to the ridesharing market, it’s hard for companies to differentiate from each other.

Grubhub is taking some steps toward the right direction, such as growing their adjusted EBITDA per order in its most recent quarter from $0.98 to $1.09. However, if the Company continues to defend and lose it’s market share, its profits will most likely fall.